Core Viewpoint - The data from the National Bureau of Statistics indicates that private project investment (excluding real estate development) grew by 5.1% year-on-year in the first half of the year, reflecting stable growth. The recent Central Political Bureau meeting emphasized the need to "stimulate the vitality of private investment and expand effective investment," suggesting a focus on enhancing investment efficiency in the second half of the year [1] Investment Environment - Private investment is a crucial support for stabilizing growth, adjusting structure, and promoting employment. The level of private investment activity reflects the internal dynamics of an economy. Despite a 0.6% year-on-year decline in private investment growth due to a drop in real estate development investment, sectors like new energy vehicles, artificial intelligence, and various manufacturing industries showed significant growth [2] - In the first half of the year, private investment growth varied significantly across industries, with notable increases in accommodation and catering (20.3%), infrastructure (9.5%), culture, sports, and entertainment (8.4%), and manufacturing (6.7%) [2] Policy Support - The policy environment for private investment has been improving throughout the year. The implementation of the Private Economy Promotion Law on May 20 marked a significant step in supporting the high-quality development of the private economy, boosting confidence among private enterprises. The Supreme People's Court has also issued guidelines to ensure judicial support for the private economy [3] - A series of policies across fiscal, financial, and industrial sectors have been introduced to facilitate the implementation of the Private Economy Promotion Law, including a new negative list for market access and the promotion of over 3 trillion yuan worth of new projects to private capital [3] Investment Opportunities - Under the "Two New" and "Two Heavy" policies, private investment is increasingly directed towards new and green projects. Recent approvals for nuclear power projects have increased the participation of private enterprises, with total investments exceeding 200 billion yuan [4] - Local governments are actively listing private investment projects, with Jiangsu province alone having 228 major projects funded by private enterprises, totaling an investment of 150 billion yuan [4] Future Directions - The National Development and Reform Commission is working to enhance mechanisms for private enterprises to participate in major national projects, particularly in sectors like nuclear power and railways [5] - The launch of the first public real estate investment trusts (REITs) for data centers indicates a removal of financing barriers for private enterprises in large infrastructure projects, which is expected to broaden investment opportunities in various sectors [6] - The government plans to continue stimulating private investment through legal guarantees, investment incentives, and improved policy environments, focusing on both "hard investments" and "soft construction" to maximize investment potential [7] Recommendations - Experts suggest guiding more private capital into major infrastructure and social welfare projects to stabilize market expectations and enhance the role of private investment in driving domestic demand and economic growth [8]

Group 1 - Shanghai Pudong aims to build a benchmark financial technology cluster by leveraging the policy advantages of the Shanghai Free Trade Zone and promoting the application of cutting-edge financial technology [1] - The Shanghai Gold Exchange emphasizes the need for a secure and efficient gold market infrastructure while enhancing service quality and risk management capabilities [1] - The approval of the first "photovoltaic + hydropower" REIT project marks a significant milestone in asset diversification for public REITs [1] Group 2 - The successful listing of the Southern Universal Data Center REIT on the Shanghai Stock Exchange represents a significant step in supporting technology finance and green finance [2] - Shanghai has introduced measures to promote the high-quality development of commercial health insurance, focusing on innovative drug and medical device support [2][3] - The Shanghai Clearing House has launched online services for credit derivatives bilateral clearing, enhancing market capacity [4] Group 3 - The issuance of the first "Zhangjiang Technology Loan" by Agricultural Bank of China in Shanghai supports specialized enterprises in the Zhangjiang Science City [5] - The successful launch of the first project company satellite leasing business by China Merchants Jinling marks a significant advancement in supporting China's aerospace strategy [5] - The issuance of the first structured deposit product linked to the daily temperature index in the Yangtze River Delta by Shanghai Rural Commercial Bank showcases innovation in financial products [6] Group 4 - The establishment of the Shanghai Clinical Transformation Fund aims to enhance the ecosystem for clinical innovation and facilitate the transfer of medical innovations [7] - The People's Bank of China and other departments have issued guidelines to support new industrialization, emphasizing the importance of financial services for the real economy [8] - New regulations from the China Futures Association target unfair competition in the futures industry, promoting a shift from price wars to value creation [12]

首批数据中心REITs 在沪深交易所上市 ...

Group 1 - The Supreme People's Court of China issued 25 guiding opinions to implement the Private Economy Promotion Law, aiming to address challenges faced by the private sector and provide stronger legal support for its healthy development [1] - The China Securities Regulatory Commission (CSRC) will maintain strict control over IPO listings to prevent large-scale expansions, ensuring a stable market environment while adapting to technological trends [1] - Five departments, including the Ministry of Industry and Information Technology, released a notice to promote standardized construction and high-quality development of chemical parks, emphasizing the need for provincial recognition and management [2] Group 2 - The 2025 World Robot Conference opened in Beijing, highlighting that the city's robot industry accounts for about one-third of the national market, with a nearly 40% revenue growth in the first half of the year [2] - In July, the retail sales of passenger cars in China reached 1.826 million units, a year-on-year increase of 6.3%, while the retail sales of new energy passenger cars were 987,000 units, up 12.0% year-on-year [2] - The Southern Universal Data Center closed-end infrastructure securities investment fund was listed on the Shanghai Stock Exchange, marking a significant case for promoting high-level circulation between technology, capital, and the real economy [2] Group 3 - The Shanghai Gold Exchange issued a notice to enhance market risk control measures due to recent instability, urging members to improve risk awareness and maintain market stability [3] - The newly established Xinjiang Railway Company has a registered capital of 95 billion RMB, focusing on various services including construction, railway transport, and real estate [3] Group 4 - OpenAI released its latest AI model, GPT-5, which outperforms previous models in various benchmarks, showing significant advancements in programming, mathematics, writing, and visual perception [4]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Three regions issued documents to support REITs issuance, and two data center REITs completed fundraising. This week, 4 highway, 1 energy, and 1 industrial park REITs released semi - annual operating data, with performance declining for all but 2 highway REITs [2]. - As of July 18, 2025, 14 REITs have been successfully issued this year, with a total issuance scale of 27.84 billion yuan, a year - on - year increase of 2.0%. This week, 7 new - issue and 1 expansion - issue REITs made progress [3]. - The CSI REITs Total Return Index closed at 1104.55 points this week, up 0.06%, underperforming the CSI 300 by 1.03 percentage points and outperforming the CSI Dividend by 0.91 percentage points. The index has risen 14.12% year - to - date, outperforming the CSI 300/CSI Dividend by 10.98/15.46 percentage points [3]. Summary by Directory 1. Primary Market: New Issuance of 2 Data Center REITs - As of July 18, 2025, a total of 73 REITs have been issued, with a total issuance scale of 191.1 billion yuan and a total market value of 204.6 billion yuan. Among them, there are 49 equity - type and 24 franchise - type REITs [11]. - This week, 7 new - issue REITs made progress, including 2 data center REITs that completed fundraising. One expansion - issue REIT, the AVIC Jingneng Photovoltaic REIT, submitted a response to feedback [3][12][14]. 2. Secondary Market: This Week, the Sector's Market Performance was Differentiated, and Liquidity Continued to Decline 2.1 Market Review: The CSI REITs Total Return Index Rose 0.06% - The CSI REITs Total Return Index closed at 1104.55 points this week, up 0.06%, underperforming the CSI 300 by 1.03 percentage points and outperforming the CSI Dividend by 0.91 percentage points. Year - to - date, it has risen 14.12%, outperforming the CSI 300/CSI Dividend by 10.98/15.46 percentage points [3]. - By project attribute, equity - type REITs rose 0.22% this week, while franchise - type REITs fell 1.07%. By asset type, the consumer (+0.41%), affordable housing (+0.23%), ecological environmental protection (+0.21%), and industrial park (-0.04%) sectors performed well [3]. - Among individual bonds, 39 rose and 29 fell. The top three were China Merchants Science and Technology Innovation REIT (+3.05%), China Huarong JINMAO Commercial REIT (+2.24%), and CICC Hubei KeTou Optics Valley REIT (+2.08%); the bottom three were Ping An Ningbo Transportation REIT (-5.38%), CITIC Construction Investment MingYang Smart Energy REIT (-2.15%), and China Huarong Tebian Electric New Energy REIT (-2.04%) [3]. 2.2 Liquidity: The Ecological Environmental Protection Sector was the Most Active - The average daily turnover rate of CSI REITs this week was 0.56%, a decrease of 0.70 BP from last week. The average daily turnover rates of equity - type/franchise - type REITs were 0.58%/0.48%, a decrease of 4.50/3.59 BP from last week. The trading volumes during the week were 432 million and 130 million shares respectively, a week - on - week decrease of 6.53%/6.99% [3][22]. - The ecological environmental protection sector had the highest activity level [22]. 2.3 Valuation: The Energy Sector had a Higher Valuation - The yields of equity - type/franchise - type REITs based on ChinaBond valuations were 3.89%/4.22%. The transportation (5.44%), warehousing and logistics (5.18%), and industrial park (4.85%) sectors ranked in the top three [3][29]. 3. This Week's News and Important Announcements News - On July 10, 2025, the Kunshan government proposed in a draft policy that enterprises conducting refinancing through REITs would receive a 0.5‰ reward based on the raised funds, with a maximum annual reward of 2 million yuan per enterprise [33]. - On July 15, 2025, the governments of Guangxi and Heilongjiang issued documents supporting the issuance of REITs in fields such as artificial intelligence, digital, tourism, and 4A - level and above ice - snow tourism scenic areas [2][33]. Important Announcements - Two new - issue REITs completed fundraising, and their public subscription multiples were 457 and 318 times respectively, indicating strong market response [2]. - Multiple REITs released operating data, dividend announcements, and share - unlocking notices [34][35].

1. Report Industry Investment Rating No information provided in the document. 2. Core View of the Report In the critical period of China's economic transformation towards high - quality development and accelerated industrial restructuring, the capital market's support for technological innovation has entered a new stage. The launch of the "Technology Board" in the bond market in early May and the subsequent deployment at the Lujiazui Forum have further enriched the multi - level capital market system. Although the sci - tech innovation bond market is still in the cultivation stage and faces some structural problems, overseas mature markets have accumulated useful experience in supporting technological innovation financing, which can provide important references for China. In the future, efforts should be made to build a long - term mechanism for the bond market to serve technological innovation, deepen the function of the "Technology Board" in the bond market, and provide strong financial support for China's high - level technological self - reliance and strength [2][4]. 3. Summary According to Relevant Catalogs Policy Evolution - China's sci - tech innovation bond development can be divided into three stages: the pilot exploration period (2015 - 2020), the rapid growth period (2021 - 2024), and the multi - level development period (2025 to date). In the pilot exploration period,双创孵化债 and双创债 were piloted to broaden direct financing channels. In the rapid growth period, products like sci - tech corporate bonds and sci - tech notes were launched, and the market scale expanded rapidly. In the multi - level development period, the "Technology Board" was launched, and a series of measures were taken to improve the market [2][4][5]. Development Status - The sci - tech innovation bond market has expanded rapidly to a trillion - level scale. As of June 17, 2025, the cumulative issuance scale this year is close to 90 billion yuan, and the stock scale is about 230 billion yuan, accounting for over 70% of the total issuance scale of innovative varieties. - The issuance is mainly short - to medium - term, with a further short - term tendency, which has a certain mismatch with long - term capital needs. - There is a cost advantage, with an average issuance cost lower than that of bonds of the same term and type. - The issuer structure is mainly central and local state - owned enterprises, accounting for about 90%, and the issuers' credit ratings are mainly above AA +, with AAA - rated entities issuing the most bonds. - Traditional industries have a relatively high scale, and emerging industries are actively exploring issuance. After the new regulations in May, financial institutions issued a large number of sci - tech innovation bonds. - Regional performance is differentiated, with Beijing, Shanghai, Shandong, and Guangdong having larger issuance scales, and the issuance in the eastern coastal areas is relatively more active [2][10][11]. Contradiction Analysis - The sci - tech innovation bond market is in the cultivation stage and has structural problems. The issuer structure is differentiated, with insufficient support for small and medium - sized enterprises. - Investors have a low risk preference, and their lack of willingness to buy low - quality sci - tech innovation bonds affects the bond structure. - The trading activity is average, and the market liquidity needs to be improved. - The application of credit enhancement tools is insufficient, and the risk - sharing function remains to be realized [2][23][25]. International Experience - Developed countries support technological innovation financing through multiple means, including building a multi - level capital market system, developing high - yield bond and ABS markets, optimizing the stock - bond - loan linkage model, introducing patient capital, and using funds, index products, and derivatives markets to balance risks [28][30][32]. Policy Recommendations - Anchor the direction of technological innovation, combine the enterprise life cycle to open up diversified financing channels, and deepen the construction of the "Technology Board" in the bond market. - Optimize the investment - side ecosystem, introduce diversified funds, and improve market liquidity. - Further improve the risk - sharing and credit - enhancement mechanism to strengthen risk sharing. - Guide the market to objectively view and correctly understand risks, and give full play to the role of credit ratings in risk disclosure [34][36][38].

Group 1 - The first two data center REITs have completed inquiries and will start subscriptions from July 14 to 15, indicating a growing market for REITs with quality assets [1] - The REITs market is expected to be further activated by the dual drive of "initial issuance + expansion" as relevant systems are optimized and the market matures [1] - High-net-worth individual investors have increasingly participated in ETF initial subscriptions, marking a shift from stock selection to index-based investment tools [1] Group 2 - As of July 9, 197 funds have ended fundraising early this year, with equity funds making up a significant portion, indicating a strong recovery in equity fund issuance [2] - The total issuance of newly established funds reached 5303.47 billion units in the first half of the year, with stock funds accounting for 35.46%, showing a substantial increase compared to the previous year [2] Group 3 - China's monetary policy has implemented moderate easing measures to support macroeconomic stability, achieving multiple goals such as growth stabilization and risk prevention [3] - The introduction of lithium supplement agents in the battery industry is gaining traction, with prices significantly higher than traditional materials, enhancing competitiveness for material companies [3] Group 4 - Global bank sector indices have seen significant increases, with the global index rising by 52% and the Chinese index by 59%, reflecting a revaluation of banks as stable assets [4] - The ongoing interest rate hikes in major economies have contributed to the attractiveness of banks, combining high shareholder returns with growth potential [4] Group 5 - The Hong Kong stock market has seen a surge in equity financing, nearing 3000 billion HKD, with IPOs showing remarkable growth, particularly in the technology and consumer sectors [5][6] - The market is characterized by a dual drive from technology and consumption, with significant activity in emerging consumer sectors and advanced technology fields [6] Group 6 - In 2024, 3667 A-share listed companies reported overseas business income, totaling 9.52 trillion yuan, a 56.58% increase from 2020, with manufacturing companies leading the growth [7] - Key sectors driving this growth include new energy vehicles, lithium batteries, and photovoltaics, highlighting the importance of industry chain and ecosystem expansion [7] Group 7 - As of July 9, the express delivery business in China has surpassed 1 trillion pieces, reflecting strong economic resilience and the growing scale of the consumer market [8] - The increase in express delivery volume is attributed to the rising e-commerce penetration and the expanding consumer market [8] Group 8 - Regulatory bodies have intensified oversight of delisted companies, with 19 companies receiving penalties this year, indicating a stricter regulatory environment [9]

Core Viewpoint - The REITs market in China is experiencing significant growth with the introduction of new projects and the normalization of issuance, driven by the expansion of quality assets and improved regulatory frameworks [1][2][3]. Group 1: New Projects and Market Expansion - The first two data center REITs have completed inquiries and will start subscriptions, indicating a successful expansion of underlying assets in the public REITs market [1]. - The launch of the first public REITs for urban renewal and municipal infrastructure marks a significant milestone, filling gaps in the domestic REITs market [1][2]. - More "first" projects are in preparation, including tourism infrastructure REITs, which are expected to diversify the asset pool further [2]. Group 2: Normalization of Issuance and Expansion - Existing projects are undergoing regular expansions, with the announcement of additional acquisitions for the 华夏华润商业REIT, indicating a trend towards normalizing expansion activities [2][3]. - The normalization of expansion is expected to enhance the vitality of individual REITs and improve market liquidity by encouraging existing REITs to grow [3]. Group 3: Regulatory Improvements and Legislative Support - Recent guidelines from the Shanghai Stock Exchange and Shenzhen Stock Exchange have standardized the expansion process for public REITs, facilitating more structured growth [3]. - The ongoing legislative efforts to support REITs are anticipated to enhance their role in serving the real economy and optimizing asset allocation for investors [4][5]. - The recent guidance from multiple government departments to support consumer infrastructure REITs is expected to directly benefit tourism and commercial real estate sectors [4].

Core Viewpoint - The article highlights the increasing investor interest in high-dividend, undervalued assets in the Hong Kong stock market, with Shoucheng Holdings (697.HK) positioned as a strong candidate due to its strategic investments in data center REITs, providing a dual value of "defense + growth" [1][2]. Group 1: Investment Strategy - Shoucheng Holdings has made strategic investments in Southern Universal Data Center REIT and Southern Runze Technology REIT, optimizing its asset portfolio and enhancing its high dividend characteristics [1]. - The company’s focus on data center REITs, which offer stable rental income and controllable operating costs, supports a continuous cash flow, thereby increasing the potential for future dividends [1][2]. - The company is currently undervalued compared to similar infrastructure REITs, despite having superior asset quality and cash flow stability [1][2]. Group 2: Financial Performance - The company’s total dividend scale for 2024 is projected to exceed 200% of the net profit attributable to shareholders, indicating strong future dividend capabilities [2]. - The expansion of the Chinese REITs market allows Shoucheng Holdings to diversify its asset allocation, further mitigating risks and enhancing revenue stability [2][3]. Group 3: Operational Strengths - Shoucheng Holdings operates on a "dual-wheel drive" model of "industry + capital," enabling it to identify, acquire, and manage high-quality infrastructure assets effectively [3]. - The company’s deep involvement in REITs projects enhances its ability to maximize asset returns and improve liquidity and return rates [3]. - The focus on standardizing, securitizing, and liquidating assets transforms stable assets into efficient capital operation tools, thereby continuously enhancing shareholder returns [3]. Group 4: Market Positioning - In a global market increasingly favoring "certainty," Shoucheng Holdings' model of "infrastructure + high dividends" is highly attractive, providing predictable cash dividends while exploring high-growth assets [4]. - The ongoing securitization of data centers, urban renewal, and green energy assets will diversify the company’s cash flow sources and dividend capabilities [4]. - As a rare high-dividend infrastructure platform in the Hong Kong market, Shoucheng Holdings offers a unique value proposition of stable operational income and clear capital return pathways, establishing a strong competitive moat [4].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is focused on enhancing the inclusiveness and adaptability of its systems, promoting the demonstration effect of the Sci-Tech Innovation Board, and implementing further reforms through the "1+6" policy measures to support innovative enterprises and diversify equity financing [1][2]. Group 1: Policy Measures - The CSRC will continue to leverage the Sci-Tech Innovation Board as a "testing ground" for reforms, introducing a new growth layer and restarting the listing of unprofitable companies under the fifth standard, targeting high-quality tech firms with significant breakthroughs and ongoing R&D investments [3]. - Six new reform measures will be introduced on the Sci-Tech Innovation Board, including the introduction of seasoned professional institutional investors, a pre-IPO review mechanism for quality tech firms, and expanding the fifth standard to cover more frontier technology sectors [3]. Group 2: Financing and Investment - The CSRC aims to strengthen the synergy between equity and debt financing for technological innovation by promoting the development of Sci-Tech bonds and optimizing issuance and trading systems [4]. - The commission will support technology companies in utilizing new asset types, such as intellectual property and data assets, for asset securitization and REITs financing [4]. Group 3: Long-term Capital Development - The CSRC is focused on nurturing patient and long-term capital by addressing bottlenecks in private equity fund operations and encouraging participation from social security funds, insurance capital, and industrial capital [5]. - Initiatives will include the establishment of a specialized technology company in Shanghai to enhance asset management services and improve investment and risk management capabilities [5]. Group 4: Support for Technology Companies - The CSRC will enhance regulatory frameworks for listed companies, focusing on mergers and acquisitions and major asset restructuring to improve operational performance and core competitiveness [5]. - Strict enforcement against illegal activities such as insider trading and market manipulation will be prioritized to protect the rights of small investors [5]. Group 5: Market Openness - The CSRC plans to accelerate the implementation of key measures for capital market openness by optimizing the Qualified Foreign Institutional Investor (QFII) system and expanding the range of products available for foreign investment [6]. - Collaborative efforts with the People's Bank of China will aim to introduce RMB foreign exchange futures to help manage exchange rate risks for financial institutions and enterprises [6].